Press Releases

Cloud Components and Services Market to See 10.9% Annual Growth Through 2024

Industry Boosted by the Need to Manage High Volumes of Data

October 31, 2019

WELLESLEY, Mass., October 31, 2019–The need to manage high volumes of data and the desire for healthcare providers to connect with patients and their families in more direct ways are two factors which drive growth of the global healthcare cloud computing market, according to a report by BCC Research, “Cloud Components and Services: Global Markets.”

The market expects to see a compound annual growth rate (CAGR) of 10.9% through 2024, when it could be worth $48.0 billion.

Major players in the market include : Accenture (ACN), IBM (IBM), Intel (INTC) and Oracle (ORCL).

Research Highlights

  • Software as a segment of the global market for healthcare cloud computing technologies should grow from $13.4 billion in 2019 to $24.0 billion by 2024 at a CAGR of 11.4%.
  • Hardware as a segment of the global market for healthcare cloud computing technologies should grow from $11.6 billion in 2019 to $19.2 billion by 2024 at a CAGR of 10.7%.
  • Network as a segment of the global market for healthcare cloud computing technologies should grow from $3.6 billion in 2019 to $5.6 billion in by 2024 at a CAGR of 9.6%.

Read the full report here: https://www.bccresearch.com/market-research/information-technology/cloud-components-and-services-market-report.html

“Initially approached with caution by healthcare organizations, cloud components and services are becoming more widely adopted,” write BCC anlaysts. “In 2018, cloud adoption in healthcare increased, as cost savings outweigh potential data protection concerns. Healthcare IT systems are historically expensive to implement, update and maintain. Cloud economics changes that by shifting from individual budgets to cost-sharing models enabled by private, multi-tenant, and in some cases, public clouds. These trends are shifting in favor of increased IT spending toward cloud hardware, software and networks.

Vulnerability of the Cloud

As organizations move their businesses to cloud infrastructures, the fundamental concept of organizational assets has changed, the report adds. The virtualization and remote locations of these assets have increased the purview of security. Businesses need to ensure comprehensive and cohesive security management to keep data safe and security breaches at bay. The conventional approach of network scanning alone might not be sufficient to ensure a secure cloud environment. Attackers are continuously honing their tactics, deploying vectors ranging from mobile to social media and cloud-based attacks to sneak into an organization's infrastructure and steal vital information.

In addition, the growing number of devices, applications and dataflows through organizations is also increasing the need for a holistic security system. Businesses are turning to platforms that provide actionable intelligence pertaining to the threats facing them by analyzing vulnerabilities inside the organization. New technologies are leveraging the scaling benefits of the cloud while delivering greater visibility about organizations’ assets and the risk posed to those assets.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Cloud Components and Services: Global Markets( IFT187A )
Publish Date:     

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.